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. 1457 -- 1456. our next guest is making a staggering call. he says the world economy may be down for the count. that prognosis by brookings called tiger standing for tracking indice for global economic recovery. political conflict, lack of fiscal decision-making are two of the key reasons for the dire warning. >> how does this factor into the market? in today's "closing bell exchange," cornell university professor and senior fellow at brookings, which authored that very study. also with us are savita from merrill lynch. very strong language in the report, global economic recovery hits the ropes but you do make the point that the u.s. certainly looks better than everyone else. so, the key question is, can the u.s. avoid catching the world's cold? >> that's a literal statement. the u.s. looks better than other xhis in the world but it's not a great spot to be in. with the amount of policy and political uncertainty, the u.s. -- even the u.s. recovery staying strong is certainly not a sure thing. they'll be buffeted by headwinds from abroad because china and india are not doing well.
to higher receipts and lower outlays resulting in part from a stronger economy. also, a statement from treasury secretary tim geithner accompanying the release of these budget details. quote, the president has put forward a balanced proposal to further strengthen the economy and reduce the country's future deficits. it's time for congress to act on those necessary steps to it help sustain economic growth for years to come. of course, to add the fuel to the budget and deficit debate, fiscal cliff, and obviously ahead of next week's all-important debate between president obama and mitt romney. back to you guys. >> it's going to be fodder for our next conversation, i'm thinking. >> absolutely. right now it's not yet moving the markets if it's going to do that at all. >> michael, we were talking earlier that there are signals you see in this market which suggest a correction is coming. tell us what they are. is it the pattern we've seen this week? are some of the fundamentals behind it? in other words, that fight coming over the fiscal cliff related to the news that hampton was just give u
economy. we'll also be the first to have yum brand results coming up. another key indicator of where this economy and market may be headed. here's where we stand now. a selloff this morning with the dow down 79 points. just kind of bumping along the bottom of the day, now at 13,506. the nasdaq is down 37 points. all these charts will look similar today. 1.2% down on the nasdaq. the s&p is down nine points at 1446. >> it's not a very happy anniversary today for the dow's all-time high. it was five years ago today the dow and s&p 500 hit their all-time closing highs. right now the dow is about 600 points away from that high-water mark. for the year, stocks are still up a solid 15%. why does it feel like it's the most hated bull market in recent memory? the numbers show that main street investors are not on the ride. they have been pulling money out of the stock mutual funds 15 of the last 16 months, putting cash into so-called safer assets, bill. we know that to be bonds. >> yes, we do. in today's "closing bell" exchange, we have larry blazer, peter bookbar, bob, and rick santelli stan
that regardless of who wins the election or controls congress is quite clear that the economy will have to suffer potentially from higher taxes and indeed reduced government spending. >> rick santelli, you heard that whole list of reasons. is that why we saw this ten-year auction today? people gobbling up ten-year government debt at these extremely low yields because they think they're not going to get much better elsewhere? sounds like people don't think there's a lot of growth coming. >> i think there's a little bit of truth in all of it. i'll bring up another point. i think october, a lot of mutual funds ahave the end of their fiscal year. it's been a good run for stocks. the spread between what the stock market is telling us and the economy is pretty wide. the election, depending how it turns out, could have a lot of implications. to me, it makes perfect sense the closer we get to the end of the year, the closer we get to november, people are going to be lightening up. it all makes sense. >> yeah, and mandy, you were highlighting earlier oil is lower, gold is lower. a lot of the base material
on growth, maybe in the recovering economy, maybe a romney presidency. whatever you want to say. you could look at consumer discretionary names. they should do wonderful, especially with fed accommodation. history has shown us previous times, consumer discretionary stocks did exceptionally well. overall the stock market should do great next year. you can look at the fed argument. you can look at fundamental analysis. both sides support a bullish signal. >> so the four down days we've had here, the five, you see this as a buying opportunity? >> absolutely. build up the war chest. a great entry point into equities. >> debra, you're right in there with him, aren't you? >> absolutely. it pains me to know how many people have missed this rally, that they pulled so much money out of equity funds. the people that stayed in equity funds have gone into the dividend funds. they've gone into the index funds. it breaks your heart to see that so many people have left so many profits on the table. >> rick santelli, were you surprised at the strength of the euro, even after the downgrades overnight by mo
Search Results 0 to 4 of about 5